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CONTENTS
The Era of Bank Disintermediation. . . . . . . . 2
The Rise of Alternative Lending. . . . . . . . . . . 2
An Opportunity for Asset Managers. . . . . . . 4
Which Asset Managers Will Succeed?. . . . 4
Future Outlook for Private Debt. . . . . . . . . . . 4
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400
300
200
100
2006
2007
2008
2009
2010
2011
2012
2013
Unrealized Value
2014
50%
Over
of survey respondents have increased their private debt holdings in response to
their clients growing appetite for private debt funds.
Preqin and Brown Brothers Harriman partnered to survey over 150 global asset managers to identify how trends
in private debt have impacted their operations and reporting functions. To learn more visit www.bbh.com.
1998
36.8%
Growth Driven by Supply and Demand Factors
In addition to bank disintermediation, continued economic
recovery, and a low interest rate environment, the following
factors are likely to reinforce the growth in private lending.
63.2%
2013
Banks
Non-banks
14.8%
85.2
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Even the most durable banks will continue to be capitalconstrained moving forward, particularly regarding the risks
associated with middle market corporate lending. Their step
back from the market will create opportunities for debt managers to identify opportunities, organize units, and raise and
deploy capital.
As the European middle-market private lending model continues to gain footing, it is important to note that banks are
not simply exiting the space. They are transitioning into new
roles that more closely suit the new mandates, such as custodial services, administrative support, and participation in
loan syndication for CLOs and other vehicles. The symbiotic
relationship between banks and private lenders is likely to be
expanded as banks establish pipelines for passing on loan
proposals to alternative parties.
Downside Protection
Private debt offers downside protection when collateralized
by real assets.
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PREQIN
Chris McChesney
Senior Vice President
Head of Alternative Fund Services
chris.mcchesney@bbh.com
+1 617 772 1263
Douglas Paolillo
Commercial Products Analyst
douglas.paolillo@preqin.com
+1 646 376 7091
Sam Metland
Vice President
Head of Alternatives Europe
sam.metland@bbh.com
+44 207 614 8671
www.bbh.com
Ryan Flanders
Head of Private Debt Products
rflanders@preqin.com
+1 646 376 7069
www.preqin.com
Sources:
Global Financial Stability Report, The Quest for Lasting Stability, April 2012, page 6.
The Economic Times, Need to focus Central Banks move: Paul Schulte, Schulte Research, May 4, 2015.
2
3
ells Capital Management, Bank Loan Market Overview: Opportunities for Diversification, Risk Reduction, and
W
Return Enhancement, August 2013.
Preqin, 2015 Preqin Global Private Debt Report, March 2015, page 32.
Pensions & Investments, Big private equity managers ruling the roost, Arleen Jacobius, April 6, 2015.
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